Registered number
04763833
AGT Electrics Limited
Unaudited Filleted Accounts
31 March 2017
THOMAS DAVID
Chartered Accountants
AGT Electrics Limited
Registered number: 04763833
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 893 3
Current assets
Debtors 4 69,320 128,441
Cash at bank and in hand 2,268 2,679
71,588 131,120
Creditors: amounts falling due within one year 5 (72,210) (131,002)
Net current (liabilities)/assets (622) 118
Total assets less current liabilities 271 121
Provisions for liabilities (170) -
Net assets 101 121
Capital and reserves
Called up share capital 4 4
Profit and loss account 97 117
Shareholders' funds 101 121
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Manzi
Director
Approved by the board on 12 December 2017
AGT Electrics Limited
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2016 3,336 15,556 18,892
Additions 1,117 - 1,117
At 31 March 2017 4,453 15,556 20,009
Depreciation
At 1 April 2016 3,335 15,554 18,889
Charge for the year 227 - 227
At 31 March 2017 3,562 15,554 19,116
Net book value
At 31 March 2017 891 2 893
At 31 March 2016 1 2 3
4 Debtors 2017 2016
£ £
Trade debtors 57,909 38,865
Other debtors 11,411 89,576
69,320 128,441
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 44,980 29,175
Trade creditors 4,506 5,794
Taxation and social security costs 12,097 81,149
Other creditors 10,627 14,884
72,210 131,002
6 Related party transactions
During the year the director, Mr Manzi, loaned the company money with no set repayment date or interest payable. The amount owed to the director at the year end was £153 (2016: £1,201). Mr & Mrs Manzi received dividends in accordance with their shareholding of £26,640 (2016: £1,000).
7 Controlling party
During the year, the company was controlled by Mr & Mrs Manzi (director and company secretary) by virute of each holding 50% of the issued ordinary share capital.
8 Other information
AGT Electrics Limited is a private company limited by shares and incorporated in England. Its registered office is:
6-7 Castle Gate
Castle Street
Hertford
Herts
SG14 1HD
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